{
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  "docSlug": "c665ec3b53b5",
  "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-03-10 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 53,
  "pageCount": 95,
  "prevPage": 52,
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  "density": "dense",
  "nDataPoints": 42,
  "notes": "The slide highlights Amcor's 1.34% sales synergy and 9.43% EBITDA synergy against a peer average of 0.93% and 6.02% respectively.",
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      "text": "Amcor's projected synergies as a percentage of pro forma sales and EBITDA are the highest relative to recent paper and packaging transactions over $1 billion, and significantly higher than the peer set average.",
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      "text": "Synergies as % of Pro Forma EBITDA: 9.43%",
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      "kind": "paragraph",
      "text": "Amcor's projected synergies as a percentage of pro forma sales and EBITDA are the highest relative to recent paper and packaging transactions over $1 billion, and significantly higher than the peer set average. Therefore, we view management's cost synergy targets as aggressive, which poses above average risk to investors that synergies fall short of plan.",
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      "kind": "source-note",
      "text": "Source: Company filings and press releases",
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      "text": "Comparison table of M&A transactions in paper and packaging, showing synergy percentages.",
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      "kind": "title",
      "text": "Aggressive Cost Synergies Assumptions",
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      "name": "Quick Win Big Bet",
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      "evidence": "The deck presents benchmarking analysis to argue that Amcor's synergies are suspect.",
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